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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Sunday, December 6, 2009

To get a sense of what Goldman Sachs (GS) has pulled off in the last two years, consider: Goldman Sachs was directly responsible for creating, marketing, and trading many of the toxic financial instruments behind the mortgage crisis and resulting recession. The bank's irresponsible behavior nearly caused its collapse, and taxpayers had to bail it out. Public funds saved Goldman Sachs, which this year is minting money and watching its stock soar. Last month, two Goldman vice chairmen quietly sold $55 million worth of company stock and pocketed the cash.

It is being reported that Goldman Sachs - in another effort to quell the outrage over bonues - is contemplating paying their executive bonues in stock instead of cash. Another lame attempt on their part to improve their image. They really need another PR firm.

As the story above indicates, stock is as good as money, especially when Goldman Sachs continues to manipulate itself and the markets and use free money from The Fed to invest and profit from.

To be fair, the talk is also that the stock would be restricted and could not be sold for a year or two. OK?

By restricting the sale of the stock there would be some risk involved tied to the success of the firm. But the risk is minimal. The danger of GS going broke at this point is nil. That risk expired when the government - including Timothy Geithner - gave them bailout funds and commercial bank status. They now have a free "ticket to ride".

Geithner admitted in an interview by Al Hunt on Bloomberg TV, that GS was at risk of failing were it not for the government assistance- contrary to GS statements that they were not.

In this same interview on Bloomberg, Geithner also admitted that at the height of the crisis, many banks - large and small - were at risk as what was happening was "a classic run on banks". Isn't a run on banks what happened during the Great Depression?

We used Socialism to determine who would fail and who would succeed. We Socialized the losses of the "well connected" (some call them "too big to fail") and used Capitalism to allow others to fail or be merged into the "well connected" making them even bigger and broker.

So what does all this have to do with GS insider sales and paying bonuses in stock instead of cash? The answer is that our government has enabled this company to thrive when it should have failed. The Government supported the very company that admitted it caused this economic crisis. It again begs the question of how powerful and influential is GS?

The issue is not about these two executives that sold their stock - after all it was their stock. The issue is not about all the other GS employees who will each receive an estimated $700+ thousand in some fomr of bonus. The issue is with the ringleaders of this Cartel and their connections and control of our government. The issue is who truly runs our government and who our government really is. We all seem to be pawns in a very large game open only to a very select few.

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